建银国际发表研究报告，料京东健康(06618.HK) 去年第四季销售按年增8.7%，符市场预期。该行料其下半年毛利率22.1%，按年升63点子，比市场预期低，因为其反映公司在去年“双11”期间大量的推广及行销开支、强劲的药物销售以及去年第四季设备销售疲弱的情况。
该行对京东健康末季经营利润率预测较保守，仅为0.6%，低于市场普遍预期的3.3%，因为预计由于平均售价下降以及整体消费支出减弱，履约开支将保持在较高水平。此外，京东健康在2023年实施的免运费政策也进一步推高了相关成本。该行料京东健康末季非国际财务报告准则下纯利录4.86亿元人民币，净利润率料3%，这主要归因于较低的基于股票的薪酬支出。
建银国际表示，京东健康股价受AI情绪刺激，本年至今跑赢恒生科技指出约10%，但报告提及AI应用对京东健康前线业务影响有限，并指其估值增速快过每股盈测增速。该行延展估值基础至今年，以预测市销率1.8倍计(低于过去两年均值)，予其目标价由37元升至41.5元，维持评级“跑赢大市”。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-25 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.